Logbook loans within 24 hours (Same day) are becoming more popular in the UK than ever. Advertised with the promise of quick and easy cash, it is no surprise why borrowers especially those with bad credit issues are resorting to the financial product. Whether you’re hoping to borrow £500 for overdue bills or £20,000 for a major investment or financial project, logbook loans got your needs covered.
What’s even more exciting for borrowers is the fact that more and more lenders are now offering same day logbook loans. If you need cash in 24 hours or less, you can rely on logbook loans to save the day. If you’re in the market to apply for a same day logbook loan, here’s what you need to know.
Who is eligible for a logbook loan?
If you’re of legal age, a UK resident and you own a vehicle then you are eligible to apply for a logbook loan. Any type and make of cars is usually accepted provided that said vehicle is free of any financing. The vehicle also needs to be less than 10 years in age in most cases to be accepted as collateral for your logbook loan.
If you have bad credit, there’s no need to worry about it when applying for a logbook loan. With logbook loans, there is no credit checks run on borrowers. All you really need is a vehicle to use as security and you’re ready to get approved for a logbook loan within the same day you applied.
What documents are needed?
To expedite your logbook loan processing, it’s best to have the required documents ready before applying. Among the most important documents you should have handy include your vehicle’s logbook or V5 document, MOT certificate and insurance details. You’ll also need to bring along basic documents such as proof of identification (2 valid IDs with your photo), proof of billing address and proof of income (recent pay slips or other sources of income).
Ideally, borrowers should be fully employed to guarantee fast approval. If you’re working part time or is self-employed and you want a logbook loan, you can still apply provided that you can provide proof of substantial income. Lenders just need to be convinced that you are financially capable to handle the monthly repayments for the duration of the loan you are applying for. If you can do that, getting a same day logbook loan is generally a breeze.
Where to apply for a logbook loan?
Dedicated to offer utmost convenience for borrowers, more logbook loan lenders have online portals where you can apply for a logbook loan in a matter of minutes. You can complete an application form online, wait for a response from your lender and go from there. If you’re deemed eligible for a logbook loan, you can visit the nearest office to complete the application or opt for a representative to go to your home address. Either way, you can get approved within the same day you apply granted that you meet all the requirements.
If you’re ready to turn your vehicle into quick cash to meet any financial emergency, there’s no better day to apply for a logbook loan. Apply today and get approved within the same day too! Receive your cash in a matter of hours only with same day logbook loans.